Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

You can expect to pay for either.

Like Broken Bow Lake in OK that are value-priced and ready to be rented. 

I did file a large claim a few years ago for a broken HVAC.

I would like to think in a way that investment in general, and the real estate investment, start with a solid economic reason - "Why do you Invest, where you invested".To elaborate on below - Vegas is a great example where no real economic driver exists and when you invest there, you should be aware that is a highly volatile market (side note: i both 2 properties there in 2011 and 2012 and i sold both this year) and you should pay an extra attention and be prepare to reposition capital.It's clear, if you invest in Vegas or Orlando (just 2x entertainment cities) you will expect ups and downs and you need to position yourself with extra reserves and extra caution if you are planning to stay in these market for long term. 

With 4 rentable rooms (including the basement), I expect to generate $3,600/month with full occupancy.

Expecting big cash flow in multifamily apartments right now is kind of a fool's errand because if you find it it's probably in an area that won't be kind for out of state ppl with a third party property manager. 

I tried calculating value based on NOI and cap rate (see below) but I'm new to this and the value seems to come out lower than I would expect.

I guess that kind of vitriol is to be expected coming from someone who doesn't even have his own picture in his profile. 

During the peak season you have to make your money when the slow season is so much less.I do have events where the prices are expected to be high due to supply and demand.I do see some of the dynamic pricing days as being rediculous and your going to miss out on the early bookers looking for a fair price.